Stop! Your Lease Extension in Putney Vale Could Be FREE

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Many leaseholders in Putney Vale are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Putney Vale has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Putney Vale lease extension

Top reasons for lease extension now:

Increase your lease and increase your Putney Vale property value

The only way is down when it comes to Putney Vale lease terms. Putney Vale flats that have a lease term fewer than 80 years will drop in market price even faster, and the cost to extend your lease will rise.

An extended lease is almost the same value as a freehold

Leasehold premises in Putney Vale with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions will not grant a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should be aware that it is reasonable to assume that someone intending to acquire your property in the future might well do, so in the event that they are unable to obtain a mortgage, then the value of the property will likely be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Putney Vale?

The conveyancers that we work with handle Putney Vale lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Putney Vale Lease Extension Example Cases:

Kirsty, Putney Vale, South West London,

In the wake of eight months of unsuccessful negotiations with the landlord of her one bedroom apartment in Putney Vale, Kirsty started the lease extension process just as her lease was approaching the all-important 80-year mark. The legal work completed in November 2015. The landlord’s fees were kept to an absolute minimum.

Putney Vale case:

Mr and Mrs. D Pérez moved into a studio flat in Putney Vale in April 2012. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Comparable homes in Putney Vale with a long lease were valued around £250,400. The average amount of ground rent was £65 collected quarterly. The lease came to a finish in 2090. Given that there were 64 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 exclusive of costs.

Decision in Wandsworth

An example of a Freehold Enfranchisement matter before the tribunal for a Putney Vale premises is 158 West Hill in November 2010. the Tribunal held that the premium to be paid for the freehold reversion should be £99,650 This case related to 7 flats. The number of years remaining on the existing lease(s) was 75.88 years.